Wilson ran AIA – the Asian arm of US insurer AIG that Aviva's UK rival Prudential tried to buy for $35.5bn (£22.3bn) two years ago – between 2006 and 2010. He prepared AIA for its stock market flotation in Hong Kong in October 2010, increasing its value to $36bn at the time of listing. Today the business has a market value of more than $46bn.

An industry veteran, Wilson has more than 25 years' experience in life and general insurance as well as asset management, including five years at French insurance group Axa in the Asia Pacific region. Since leaving AIA, he has been working as an adviser to US private equity group Blackstone in Hong Kong.

Berenberg analyst Matthew Preston said: "Mark Wilson's hire represents another step in the Aviva transformation story. He is a candidate with significant experience of the sector, albeit not specifically in the UK and European arena, and one whose appointment will likely be taken well by investors.

"He has significant experience of the disposal of non-core operations and turning around non-performing operations, and as such represents a strong fit versus Aviva's current requirements."

Wilson vowed to listen to Aviva customers, shareholders, staff and regulators to "ascertain the key concerns and opportunities that face the business". He added: "There is substantial work to do."

McFarlane said the board's decision to appoint Wilson was unanimous. "Mark has operated in both developed and emerging markets," he said. "At AIA, Mark faced similar challenges to Aviva today. He navigated the company through the global financial crisis and narrowed the focus of the company."

Wilson, who is married with three children, will receive a basic annual salary of £980,000, as well as an annual bonus for 2013 worth up to £1.5m, or 150% of salary, dependent on performance. Two thirds of the bonus will have to be deferred into Aviva shares for three years. He will also receive shares worth £2.9m, or 300% of salary next year under Aviva's long-term incentive plan (LTIP). They will vest after three years if specific shareholder return targets are met. Wilson will also have to build a shareholding in Aviva to the value of 200% of his basic salary.

While he was at the helm, Moss presided over a 60% slump in the company's share price and was criticised by shareholders for frequent changes of strategy.

Wilson emerged as the frontrunner for the top job over the weekend. Eamonn Flanagan at Shore Capital said: "Of course, the next question to consider is does Aviva need to commence a search for a new finance director, given Pat Regan's inevitable disappointment at not getting the top job?"